NIST AI RMF

To further build understanding on how AI risks are framed, it might be helpful to refer to how the US National Institute of Standards and Technology (NIST) approaches this issue. According to the NIST AI Risk Management Framework, when considering the negative impact of a potential event, risk is a function of 1) the negative impact, or magnitude of harm, that would arise if the circumstance or event occurs, and 2) the likelihood of occurrence. Negative impact or harm can be experienced by individuals, groups, communities, organizations, society, the environment, and the planet. The impact can be positive as well, and may denote opportunities as opposed to merely highlighting the threats posed by the AI system.